The crude oil consumption is strongly related to the economic growth. The crude oil consumption by Korea had been increasing very fast during 80’s due to the strong economic growth of Korean economy. The big drop in 1998 was due to Asian currency crisis, but the consumptions grew again in 2000s at steady rate. However, the oil consumption has been growing very slowly (almost at snail pace) since 2013 due to slow growth rate of Korea economy.

The crude oil consumption had been growing very high before 1998. It was growing steady, but been growing very slowing since 2013. The annual average growth rate of oil consumption by Korea from 1980 to 2014 is 4.7% which is slightly lower than the annual average growth rate of oil consumption by China.